Ringgit slightly higher against greenback at opening

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar at the opening today, as market sentiment towards the local note was lifted following an upswing in the global oil prices.

At 9am today, the ringgit was quoted at 4.1905/1945 against the greenback compared to 4.1910/1940 from Thursday’s close.

A dealer said oil prices stabilised on Friday amid supply cuts by Organisation of the Petroleum Exporting Countries (OPEC) and rising tensions in the Middle East after trading lower this week on the back of high inventories and global economic slowdown.

Brent crude futures rose 0.58% at US$68.15 per barrel while the US West Texas Intermediate (WTI) crude futures were up 0.73% at US$58.33 per barrel.

Meanwhile, the ringgit traded lower against a basket of major currencies.

The local note was lower against the Singapore dollar at 3.0370/0417 compared with 3.0326/0352 from last Thursday’s close and fell against the euro to 4.6850/6899 from 4.6663/6700.

It depreciated against the Japanese yen to 3.8203/8250 from 3.8076/8113 and slipped vis-a-vis the British pound to 5.3052/3107 from 5.2949/2995 on Thursday.